In 2023, 2024 and 2025, the total purchase amount from our top five contractual manufacturers for each year during the Track Record Period (together, the “Major Contractual Manufacturers”) amounted to RMB66.8 million, RMB122.4 million and RMB105.7 million, respectively, accounting for 78.0%, 50.5% and 38.8% of our contractual manufacturing costs for the same year.
Business · 第 144 页
This strategic approach enables us to secure reliable production capacity, ensuring consistency in production processes and thereby enhancing our overall product quality control.
In 2023, 2024, 2025, and for the three months ended March 31, 2026, purchases from our five largest suppliers accounted for 46.6%, 41.3%, 36.8%, and 33.7% of our total purchases, respectively, and purchases from our largest supplier accounted for 17.2%, 11.3%, 17.5%, and 12.3% of our total purchases, respectively.
Summary · 第 7 页
In 2023, 2024, 2025, and for the three months ended March 31, 2026, purchases from our five largest suppliers amounted to RMB84.4 million, RMB95.6 million, RMB145.6 million, and RMB19.0 million, respectively, representing 46.6%, 41.3%, 36.8%, and 33.7% of our total purchases, respectively.
Business · 第 156 页
We have adopted a structured supplier management mechanism which includes supplier admission, periodic evaluation, price benchmarking, conflict checks and documentation management.
During the Track Record Period, purchases from our five largest suppliers amounted to RMB16.9 million and RMB16.0 million in 2024 and 2025, accounting for 42.7% and 41.5% of our total purchases for the same years, respectively.
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Purchases from our single largest supplier amounted to RMB6.8 million and RMB6.7 million in 2024 and 2025, accounting for 17.1% and 17.3% of our purchases for the same years, respectively.
Business · 第 191 页
To the best of our knowledge, the top five largest suppliers in each year during the Track Record Period are Independent Third Parties.
In 2023, 2024 and 2025, purchases from our five largest suppliers amounted to RMB157.3 million, RMB683.3 million and RMB864.3 million, respectively, representing 62.6%, 72.5%, and 56.6% of our total purchases, respectively.
Business · 第 154 页
During the Track Record Period and up to the Latest Practicable Date, to the best of our knowledge, all of our five largest suppliers were Independent Third Parties, and none of our Directors, their respective associates, or any shareholders of our Company (who or which to the knowledge of our Directors owned more than 5% of our Company’s issued share capital) had any interest in any of our five largest suppliers.
Purchases from our five largest suppliers during the Track Record Period amounted to RMB265.3 million, RMB304.8 million and RMB341.7 million, respectively, representing 40.6%, 34.0% and 28.2% of our total purchases, respectively.
Business · 第 199 页
We rely on channel partners to expand consumer base and market footprints.
Business · 第 176 页
In addition, we have strengthened our internal compliance requirements and enhanced our supplier selection process mechanism.
For the years ended December 31, 2024 and 2025, purchases from our five largest suppliers in aggregate accounted for 57.0% and 46.4% of our total purchases, respectively.
Business · 第 198 页
Our purchases from our largest supplier in each year during the Track Record Period amounted to RMB110.5 million and RMB31.4 million, representing 21.9% and 11.2% of our total purchases for the respective year.
Business · 第 198 页
Although we primarily use a limited number of suppliers, there are alternate suppliers available for our needs for services, equipment and consumables.
北京融信数联科技股份有限公司Beijing Rongxin Datainfo Science and Technology Co., Ltd.
前五大供应商采购占比升至56.2%
For FY2023, FY2024 and FY2025, the percentage of our total purchases from our top supplier for each year during the Track Record Period amounted to approximately 8.9%, 11.8% and 18.9% respectively, while the percentage of our total purchases from our top five suppliers for each year during the Track Record Period combined amounted to approximately 31.7%, 37.5% and 56.2%, respectively.
Business · 第 141 页
We also collaborate with multiple suppliers to ensure a stable supply.
Business · 第 146 页
We have not committed to any minimum purchase amount with any of our suppliers.
江苏博迁新材料股份有限公司Jiangsu Boqian New Materials Stock Co., Ltd.
前五大供应商采购占比约73%至77%
Purchases from our five largest suppliers for the years ended December 31, 2023, 2024 and 2025 amounted to RMB283.9 million, RMB317.2 million and RMB405.3 million, accounting for 72.9%, 77.3% and 74.6%, respectively, of our total purchase amount for the respective periods.
Business · 第 120 页
According to Frost & Sullivan, the relatively high concentration of five largest suppliers during the Track Record Period aligns with industry norms in China.
Business · 第 122 页
We apply a rigorous evaluation process, including initial assessment, sample testing and small-batch trials, and maintain a list of qualified backup suppliers to mitigate single-source disruption risks.
During the Track Record Period, our aggregate purchase from the five largest suppliers in each year during the Track Record Period was RMB3,567.8 million, RMB8,702.8 million and RMB9,404.3 million, respectively, accounting for 16.5%, 31.0% and 29.8% of our total purchase, respectively, in 2023, 2024 and 2025.
Summary · 第 7 页
The increase in supplier concentration during the Track Record Period was mainly driven by the growth in procurement volume associated with the expansion of our imaging and display business.
Business · 第 167 页
To ensure the stability of our supply chain and mitigate the risk of supply disruptions, we maintain multiple qualified suppliers for each major material or product category, except where suppliers are designated by customers.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
前五大供应商采购占比约四分之一
Purchase costs from our largest supplier in each year or period during the Track Record Period accounted for 7.1%, 8.0% and 8.0%, respectively, of our total purchases for the respective year or period.
Summary · 第 9 页
Purchase costs from our five largest suppliers in each year or period during the Track Record Period accounted for 25.4%, 26.8%, and 24.0%, respectively, of our total purchases for the respective year or period.
Business · 第 184 页
As of the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers.
Purchases from our five largest suppliers in each year of the Track Record Period accounted for 92.4%, 92.3% and 91.0% of our total purchases, respectively.
Business · 第 151 页
As we source a significant portion of wafers and packaging and testing services from our major suppliers, if our relationships with our major suppliers are terminated, interrupted, or modified in any way adverse to us, there may be material interruptions to our operations and business.
Business · 第 153 页
We dynamically allocate order volumes among our major suppliers to avoid over-reliance on any single entity.
In 2024 and 2025, our purchases from our five largest suppliers in each year in aggregate amounted to RMB47.3 million and RMB56.3 million, representing 46.5% and 37.9% of our total corresponding purchases in such year, respectively, and our purchases from the largest supplier in each year accounted for 27.3% and 25.1% of our total corresponding purchases, respectively.
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In addition, we believe that adequate alternative sources exist for these services and supplies, and we have developed alternative sourcing strategies based on supply continuity risk assessments.
Business · 第 187 页
All of our five largest suppliers in each year during the Track Record Period are Independent Third Parties.
Purchases from the five largest suppliers in each year during the Track Record Period amounted to RMB32.2 million, RMB23.9 million and RMB21.5 million in 2023, 2024 and 2025, respectively, accounting for 60.2%, 53.6% and 41.8% of our total purchase amounts for each of the corresponding years, respectively.
Business · 第 143 页
For risks related to the concentration of suppliers, see “Risk Factors — Risks Relating to Our Business and Industry — Our reliance on a limited number of suppliers for certain essential solutions and services could adversely affect our ability to manage our business effectively and subsequently harm our business.”
Business · 第 143 页
Throughout supplier selection and cooperation, we assess suppliers based on qualifications, product reliability, cost optimization potential and market competitiveness, while maintaining diversified sourcing channels to strengthen supply chain resilience.
For the years ended December 31, 2023, 2024 and 2025, purchases from our five largest suppliers for each year during the Track Record Period amounted to RMB2,615.5 million, RMB2,059.2 million, and RMB2,789.3 million respectively, representing 61.0%, 51.0% and 55.1% of our total purchases for the same periods, respectively.
Summary · 第 5 页
Purchases from our largest supplier for each year during the Track Record Period represented 23.5%, 29.3% and 31.6% of our total purchases for the same periods, respectively.
Business · 第 146 页
To mitigate our supplier concentration, we had established business relationships with more than 20 rare earth suppliers as of the Latest Practicable Date.
For the years ended December 31, 2024 and 2025, the aggregate purchases attributable to our five largest suppliers in each year during the Track Record Period amounted to RMB31.3 million and RMB26.8 million, respectively, representing 39.5% and 27.6% of our total purchases for the respective periods.
Business · 第 207 页
We believe that we maintain stable relationships with our major suppliers.
Business · 第 207 页
All of our five largest suppliers in each year during the Track Record Period are independent third parties.
Purchases from our five largest suppliers in each year during the Track Record Period were RMB99.3 million, RMB81.6 million and RMB80.2 million, respectively, representing 19.3%, 14.9% and 14.0% of our total purchases for the same respective years.
Business · 第 116 页
To the best of our knowledge, our five largest suppliers in each year during the Track Record Period were all Independent Third Parties.
Business · 第 119 页
During the Track Record Period and up to the Latest Practicable Date, we did not experience any supply shortages that had a material adverse impact on our business, financial condition, or operating results.
Our purchases from the five largest suppliers in each year during the Track Record Period amounted to RMB16.0 million, RMB48.2 million and RMB78.4 million, representing 30.9%, 36.4% and 23.0% of our total purchases, respectively, and our purchases from the largest supplier in each year during the Track Record Period amounted to RMB5.7 million, RMB13.1 million and RMB20.3 million, representing 11.0%, 9.9% and 5.9% of our total purchases for the same year.
Business · 第 122 页
All of our five largest suppliers were Independent Third Parties, and none of our Directors, their close associates or any of our Shareholders who, to the knowledge of our Directors, owned more than 5% of our issued share capital had any interest in any of our five largest suppliers.
For the years ended December 31, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB189.9 million and RMB131.8 million, respectively, representing 68.2% and 54.0% of our total purchases for the respective years; purchases attributable to our single largest supplier, Dongcheng Biochem, our Controlling Shareholder, in each year during the Track Record Period were RMB99.9 million and RMB94.3 million, respectively, accounting for 35.9% and 38.7% of our total purchases for the respective years.
Summary · 第 10 页
For the years ended December 31, 2024 and 2025, purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB189.9 million and RMB131.8 million, representing 68.2% and 54.0% of our total purchases for the respective years.
Business · 第 207 页
To the best of our knowledge, other than Dongcheng Biochem, all of our five largest suppliers for each year during the Track Record Period are independent third parties, and none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital as of the Latest Practicable Date has any interest in any of our five largest suppliers for each year during the Track Record Period.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
前五大供应商采购占比约44%至48%
In the years ended 31 December 2023, 2024 and 2025, purchases from our top five suppliers in each year amounted to RMB499.7 million, RMB715.4 million and RMB919.3 million, respectively, representing 47.5%, 44.2% and 48.0% of our total purchases of raw materials, respectively.
Business · 第 147 页
In addition, we have developed a supplier selection and evaluation procedure and maintain a list of qualified suppliers each year to ensure that the supply of main raw and auxiliary materials will not be affected by any unforeseeable circumstances.
Business · 第 151 页
Additionally, we maintain supply chain safety and stability through partnerships and long-term agreements with our suppliers.
安徽华创新材料股份有限公司Anhui Huachuang New Materials Co., Ltd.
前五大供应商采购占比最高达76.6%
Purchases from our five largest suppliers in each year during the Track Record Period amounted to RMB3,817.6 million, RMB3,600.9 million and RMB7,726.3 million, respectively, accounting for 69.3%, 63.1% and 76.6% of our purchases for the same years.
Business · 第 149 页
For major raw materials such as cathode copper, we typically enter into annual purchase framework agreements with key suppliers to ensure cost efficiency and supply stability and enter into additional documents such as quality assurance agreements, integrity and anti-corruption undertakings and social responsibility commitment letters to support product quality and compliance.
Business · 第 147 页
As of the Latest Practicable Date, none of our Directors, their close associates or any of our Shareholders (who owned or, to the knowledge of Directors, had owned more than 5% of our issued share capital) had any interest in any of our five largest suppliers in each year during the Track Record Period.